The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-28
The Virginia State Debt.


To the People Of Virginia:
At a meeting of Virginia Bondhoders CON
vcncd hy the Council of Foreign BOndhOlders,
and held on Friday, the 2ith OF September.
1856. at the Cannon street Hotel London,
the following resolutions were passed unani-
mously:
That this meeting deplores the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, and, while
asserting its steadiast determination not 10 ac-
ceUt the Rddlcbcrgcr settlement, which, in
view OF the admitted ability of Virginia 10 set
tie with her creditors, and the sacrifices they
have already made ON her behalf, 1t considers
dishonest and unjust, hereby expresses its
willingness 10 meet the state and entertain
reasonable compromise based upon the pres
ent taxation and the available revenue. after
providing for the Constitutional Appropriation
FOR government, schools. and other public eX-
pcndlturen
The State had the benefit of the whole Of the
money she originally borrowed (SB,WOOW. II
laid the foundation of her roads. railways, and
canals. and has brought millions of dollars
into the country. Had YOU not constructed
these public works with the bOndholders'
money you would have 10 be taxed now for
them.
No state which borrowed money ever en-
jOyed the benefit OF its loans more than Vir-
ginia has done. lSee Senate Document XIV.
Session. lS17-'1Sl
The present unsettled condition of the debt
is teeping capital and immigration out Of Viz
GINA, and as long as matters SO continue you
viii never develop the >DltnQlu RESOURCES OF
the state in the way they deserve.
The revenue of Virginia Is increasing. The
last assessment shows an increase of S55,OO,-
90 in taxable values. Your present revenue
might be largely increased if the taxes were
more carefully collected and the present as
ses ,ments on property egualZed throughout
the state.
What might have been difficult 10 DO few
years ago j. easy now, and each year the bur
den will become lighter. When the debt ques-
tOn is settled capital and enterprise, which
now holds aiOOf, Will flow into the State.
The settlement offered by the DOndhOldcrs
proposes that the bonds now in existence bear
ing aN-rcCelNable coupons should be deposited
in some trust company; that new bonds should
be issued I'm their place, bearing no taN-receiv
able coupons. and at a low rate OF interest
When the State pays a halt-ycars interest on
thu new bonds. the taX-rccclyable coupons for
that half-year shall be cut of the old bonds by
the trust company, cancelled, and delivered 10
the state. Any increase on the present reYe-
nue. will be appropriated by the state and
the bondhodcrs win not have any claim on H.
There was "A cash balance last July in the
Treasury of SI3lOo0, and the average purchase
of Rddlebergcr 3S by the state has been at
the rate of s6O0,UO per annum In cash. The
state has some millions Of dollars OF assets
which would help her in arranging settle
mcut.
The bOndhOders are as deeply interested as
yOu are in maintaining the credit and prosper
10y Of your state. They ask for fair hearing
and discussion Of the question Icy business
men, and not by politicians whose interest II
is To prevent an understanding being arrived
at and an honorable compromise made
The best way of bringing about this settle
mcut Is for taxpayers 10 tender coupons IN
payment of their taxes. In view of the con
ciliatOry spirit and liberal offer made by the
creditors ! venture respectfully 70 submit 10
you that it is your moral duty, as well as your
legal right and privilege, 10 tender coupons for
taxes now due. JAMES u. COOPER
nO26